Dual Momentum Journey

These are the market cycles my Dual momentum systems profits from:

1. Long bear markets / recession. I can generate outperformance by limiting downside + bonds can offer good returns. 2000-2003 or 2008.
2. Lost decades. My strategy did very well during the 2000-2010 lost decade. There existed a lot of profitable trends during that time.
3. Commodity supercycles. It’s either gold related or more energy+agriculture related usually. 2024/25 gold or 2022 energy+agriculture.
4. Broad/Narrow markets. Narrow markets: a few winners drive the stock indices, more related to big cap. domination like 2023/24. Broad market: It’s easy to beat indices and opportunities arise. 2020 and Tesla. 2026, for instance a few winners out of the index outperforms: IA infrastructure.
5. US vs World and Big Cap. vs Small cap. 2003-2007 was about Ex-US small cap domination.

These market cycles I profit from will not show every year. We have bad ones like 2015-2019.

Outperformance comes from exploting a few opportunities the market gives and protecting from long bear markets.